Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,955/mo
Lowest payment- Down payment
- $79,629
- Funds due
- $100,702
- Interest + MI left
- $1,250,168
- First ends
- Dec 2054
Assumption
Assumption + second
$8,210/mo
+$255/mo- Down payment
- $54,629
- Funds due
- $76,968
- Interest + MI left
- $1,316,878
- First ends
- Dec 2054
New loan
New conventional
$8,421/mo
+$466/mo- Down payment
- $54,629
- Funds due
- $73,423
- Interest + MI left
- $1,560,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,000,370 | $1,000,370 | $1,025,370 |
| Second mortgage | — | $25,000 | — |
| First P&I | $6,369.24 | $6,369.24 | $7,099.45 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $469.15 | $469.15 | $205.07 |
| Taxes, insurance & HOA | $1,116.67 | $1,116.67 | $1,116.67 |
| Total housing payment | $7,955.05 | $8,209.80 | $8,421.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,629
Closing costs & prepaids$22,339
Usable credit−$0
Total buyer cash needed$76,968
Earnest money paid−$0
Remaining funds due$76,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,799.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,700.00
Prepaid interest, first (2 days)$348.07
Prepaid interest, second (2 days)$16.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 1 moOf the original 30-year loan at 6.350%
Interest already paid$123,257Through Nov 2026
Assumption only · ends Dec 2054$1,250,168
Assumption + second · ends Dec 2054, second Dec 2056$1,316,878
New conventional · ends Dec 2056$1,560,375